success story

Implemented robust managed services for HNWI clientele of a leading American insurer

Being a leader in the high-net-worth individuals (HNWI) market, pitching a few customized solutions to customers irrespective of the asset’s uniqueness and risk complexity was limiting the client’s ability to scale the business. With its deep domain expertise, Virtusa enabled packaged insurance with its effective managed services for the HNWI clientele of the client. As a result, the client went live with differentiated solutions in six US states.   

Serving a niche market segment of HNWI, there was always a demand for tailor-made solutions from the client’s customers. Vouching for being unique to its clientele, in 2019, the client wanted to go live with differentiated solutions in six US states.

They wanted to partner with a technology provider to assist them with a strategic roadmap to lead an end-to-end execution across selection and configuration of differentiated solutions at scale. The client partnered with Virtusa to establish business model changes and deliver the programs that helped it realize the vision of maximizing its portfolio outreach.

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The Challenge

The existing strategy limited the client’s portfolio outreach by taking specifically developed products to affluent individuals. Hence, there was a need to provide differentiated solutions to each affluent individual at scale. However, the task demanded meticulous execution across the solutions, including selection and configuration to going live at scale for the client. Thus, the client was looking for an IT partner to map technology with its business needs, assisting them with a detailed roadmap envisioning to take their differentiated products to market at scale within the targeted timeframe.

The Solution

Being a strategic consulting partner, our team started with a detailed analysis of requirement artifacts and conducted workshops to evaluate the right customer-product fit by preparing three hundred ability statements across policy, billing, payments, and claims. As a result, we shortlisted fifteen products in each area with our deep domain expertise working with large insurance providers for over a decade. 

In addition, we conducted an initial evaluation, demos, and datasheet reviews to shortlist four products across each area for detailed demos. The key evaluation criteria included quick time-to-market, functional fit, intuitive UI, and overall implementation costs. After comparing detailed product capabilities and two-year total contractual value, we implemented timelines to recommend the ideal fit for the client’s business needs.

Robust managed services for HNWI clientele of a leading American insurer
The Benefit

The key value proposition delivered included:

  • Customized coverages through concierge-based services
  • Prevention of losses to the clientele through proactive and personalized services
  • Customized risk management for pricing, which included analytics and prevention-based services
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